How to Manage and Prioritize Your Expenses

An Easy Way to Manage Your Expenses

In times of recession we are faced with some tough financial decisions. In order to make informed choices, you need to take stock of all aspects of your financial picture, learn to prioritize your bills and expenses, and adjust accordingly.

Prioritizing your expenses is a key component to conquering your debt; it will give you an opportunity to really examine your spending habits and figure out what's truly important and what isn't. Figuring out which bills need to be paid first and why, and which obligations can be eliminated or postponed, will help you create a plan for surviving tough financial times. You may even come out on the other side of this recession in better shape than before!

1 Taking Stock

Finding out where your money goes is the first step in this process, so you will need to take note of all your expenses:

For one week, record every expense that you or your family make- from paying the mortgage, to that Starbuck's coffee on you way to work. Keep receipts when you can, but when that isn't possible, log the expenses in a notebook or on your cell phone. At this point make no judgments regarding spending habits. Just record expenses.

Next, write down all bills and obligations, their due dates, payment amount and all contact information for that creditor. You will use this information along with your recorded weekly outgoings, to help you prioritize your de...

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